Bill > LD362

This bill authorizes the State of Maine to issue up to $50,000,000 in general obligation bonds to support the Land for Maine's Future Board's conservation efforts. The bonds, which cannot run longer than 10 years, will be used to acquire land and land interests for multiple purposes including conservation, water access, wildlife and fish habitat protection (specifically mentioning deer wintering areas), outdoor recreation (hunting and fishing), working farmland preservation, and working waterfront preservation. The Treasurer of State will manage the bond issuance under the Governor's direction, keeping detailed records of each bond sale. The bill requires a statewide referendum in November where voters will decide whether to approve the bond issue, with the measure becoming effective 30 days after gubernatorial proclamation if a majority votes in favor. Any bonds not issued within 5 years of ratification will be deauthorized, though the Legislature may extend this period for an additional 5 years. Unencumbered funds at the project's completion will be used to retire general obligation bonds, and any proceeds not spent within 10 years will similarly lapse to the Treasurer's Office for bond retirement.